TAIWAN CHIPMAKER TSMC SAYS QUARTERLY PROFIT $8.8 BILLION

Taiwan Semiconductor Manufacturing Co., the biggest contract manufacturer of processor chips for smartphones and other products, said Thursday that its quarterly profit rose 79.7% over a year earlier to a record $8.8 billion amid surging demand.

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Quarterly revenue rose 47.9% over a year ago to $19.2 billion, the company reported.

TSMC, headquartered in Hsinchu, Taiwan, makes processor chips for brands including Apple Inc. and Qualcomm Inc. Many of their products are assembled by factories in China, which has exposed TSMC to the possible impact of U.S.Chinese tension over technology and security.

TSMC’s U.S.-traded shares fell 14% in value after Washington tightened restrictions on Chinese access to advanced computer chips. Those controls are based on limiting the ability of TSMC and other suppliers to use U.S. chip or manufacturing technology for Chinese customers.

The American Embassy in Beijing didn’t immediately respond to a question about whether TSMC had received an exemption that might allow normal supplies to Chinese factories to continue.